Norwegian renewable power producer Scatec ASA has reported a robust performance for the first quarter of 2024, marked by a significant decrease in consolidated net loss and a substantial surge in operating profit, propelled by the completion of its largest construction program to date.
According to the Oslo-headquartered firm's latest financial report, the consolidated net loss for the January-March period stood at NOK 26 million (USD 2.36 million/EUR 2.20 million), representing a notable decline from NOK 98 million reported in the corresponding period last year. Meanwhile, earnings before interest and taxes (EBIT) witnessed a remarkable increase, soaring to NOK 643 million from NOK 353 million year-on-year.
During the first quarter, Scatec's consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) surged by nearly 62%, reaching approximately NOK 1.02 billion, while revenues and other income saw a substantial uptick, climbing to NOK 1.28 billion from NOK 919 million.
Scatec also provided financial results on a proportionate basis, highlighting a rise in proportionate EBITDA to NOK 848 million from NOK 765 million, attributed to the commencement of operations at new plants. Consequently, the company has revised its EBITDA projections for 2024 to a range of NOK 3.75 billion to NOK 4.05 billion, reflecting an upward adjustment from the previous mid-point estimate of NOK 3.55 billion.
Moreover, power production on a proportionate basis demonstrated growth during the first three months of the year, totaling 901 gigawatt-hours (GWh), compared to 887 GWh in the corresponding quarter last year. Scatec anticipates an annual volume ranging from 4.2 terawatt-hours (TWh) to 4.6 TWh.
Key highlights during the reported period included the commissioning of Scatec's two largest plants to date—Mendubim in Brazil and Sukkur in Pakistan. Additionally, the company initiated the construction of 333 MW of solar power at the Grootfontein plant in South Africa and the first phase of the solar complex in Botswana.
